Scott Bessent spoke about his economic plans while sitting for his confirmation hearing before the Senate Banking Committee on Thursday.
“Today I believe that President Trump has a generational opportunity to unleash a new economic golden age that will create more jobs, wealth, and prosperity for all Americans, he said.
- Bessent is an investor, political donor, and a hedge fund manager.
- He is a former partner at Soros Fund Management, liberal philanthropist George Soros’ investment firm.
- Nevertheless, Bessent is a MAGA darling, and is expected to be confirmed by the Senate.
Trump’s Billionaire Treasury Pick Stresses Importance of Tax Cuts for Billionaires
Scott Bessent outlined his plan to enrich the rich and screw the poor during his confirmation hearing before the Senate Banking Committee
President-elect Donald Trump’s Treasury Secretary pick, a billionaire who has been accused of evading taxes, says that “the most important economic issue of the day” is extending Trump’s tax cuts for the ultra rich...
“We must make permanent the 2017 Tax Cuts and Jobs Act,” he added when outlining his goals. . .When asked about whether he would renew Trump’s tax breaks for billionaires and corporations, he called them the most important economic issue today.
- The 2017 Tax Cuts and Jobs Act was designed to disproportionately benefit the wealthy over the lower and middle classes.
- In 2025, the law is expected to deliver an average tax cut of more than $250,000 to the top 0.1 percent of earners, according to the Tax Policy Center, a nonpartisan think tank.
- In contrast, poor Americans will net a $70 tax cut.
Bessent also told Sen. Bernie Sanders (I-Vt.) that he is against raising the $7.25 an hour federal minimum wage.
“I believe that the minimum wage is more of a statewide and regional issue,” Bessent said.
- It has been 16 years since the national minimum wage was increased.
- The minimum wage in South Carolina, Bessent’s home state, is $7.25
Uploaded: Jan 16, 2025
Scott Bessent, President-elect Trump's pick for Treasury Secretary, has pledged to ensure the dollar remains the world's reserve currency. In prepared Senate testimony Bessent emphasised the need for ...
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